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IMVTImmunovant, Inc.
$34.54$7.1B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
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P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
IMVT logo

Immunovant, Inc.

IMVT
NASDAQ · Biotechnology
$34.54
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$7.13B
P/E-12.5x
52W High$45.42
Volume3.65M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2027Q1

Nascent Revenue Emergence Amid Escalating R&D Burn

Immunovant is transitioning from a pure development-stage biotech to early commercialization, evidenced by its first $7.1M revenue in 2027Q1 with a 100% gross margin. However, the company's aggressive R&D investment, which nearly doubled from $66.1M in 2024Q4 ...

GrowthDecelerating
ProfitabilityNegative
ValuationReview
TechnicalsMixed
Explore valuation models
MARKET ACTION

IMVT price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

5/12 Beats

EPS beat 5 of last 12 quarters

02

Valuation risk

-151% Peers

P/E is 151% below peer median

03

Market leadership

RS 83 · Leader

High momentum (Outperforming 83% of market)

04

Mixed Trend

Mixed

Price < 50DMA but > 200DMA

Next CatalystConfirmed earnings · Nov 9
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue emerged at $7.1M in 2027Q1 with a 100% gross margin, but R&D expenses surged to $142.6M, driving operating losses to -$153.2M and a net margin of -21.6%.

Analyst Consensus+15.8% target
Buy(23 analysts)
18 Buy4 Hold1 Sell

The Bull Case

Upside Catalysts

Strong clinical data for IMVT-1402

IMVT-1402 demonstrated strong open-label activity in difficult-to-treat rheumatoid arthritis with no new safety signals, supporting its potential efficacy.

Upcoming clinical milestones

D2T RA and CLE updates expected in 2H 2026 serve as near-term catalysts for potential stock re-rating.

Robust cash position

With over $900 million in cash, Immunovant is well-funded to advance its clinical programs through announced indications.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
IMVT+33.31%
S&P 500 (^GSPC)+12.39%
1-Year Return
IMVT+131.81%
S&P 500 (^GSPC)+15.77%
3-Year Return
IMVT+70.32%
S&P 500 (^GSPC)+65.32%
5-Year Return
IMVT+291.61%
S&P 500 (^GSPC)+56.32%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E
-12.5x
Forward P/E
N/A
EV/EBITDA
N/A
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
-12.5x
N/A
N/A
EV/EBITDA
N/A
N/A
N/A
Price/FCF
N/A
N/A
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$4.37-87.3%
Base (Fair)$29.31-20.7%
Bull$4.37-87.3%
$4.37 Bear$29.31 Base$4.37 Bull
Current Market Price: $34.54
Trades at a 17.8% premium to Base DCF ($29.31)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
-
Net income
-$506M-22.2% YoY
Free cash flow
-$407M-8.1% YoY
Operating margin
-
ROIC (TTM)-
Avg ROIC 5Y-
ROE (TTM)-64.8%
Piotroski Score2 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate5/12 (42%)
Revenue Beat Rate0/12 (0%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 6, 2026
-$0.75-19.3%
vs -$0.63
$7M+0.0%
vs $7M
Q2 2026
May 20, 2026
-$0.73-23.3%
vs -$0.59
—
vs —
Q1 2026
Feb 6, 2026
-$0.61+15.3%
vs -$0.72
—
vs $6M
Q4 2025
Nov 10, 2025
-$0.73-1.4%
vs -$0.72
—
vs —
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Defense World·Aug 27, 2026
Algert Global LLC Raises Position in Immunovant, Inc. $IMVT

Algert Global LLC increased its stake in Immunovant, Inc. (NASDAQ: IMVT) by 51.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 159,840 shares of the company's stock after buying an additional 54,070 shares during the quarter. Algert Global LLC owned about

PRNewsWire·Aug 19, 2026
Kuehn Law Encourages Investors of Immunovant, Inc. to Contact Law Firm

NEW YORK, Aug. 19, 2026 /PRNewswire/ -- Kuehn Law, PLLC, a shareholder litigation law firm, is investigating whether certain officers and directors of Immunovant, Inc. (NASDAQ: IMVT)  breached their fiduciary duties to shareholders. The investigation concerns potential self-dealing.

Defense World·Aug 18, 2026
Immunovant (NASDAQ:IMVT) Sets New 12-Month High – Still a Buy?

Shares of Immunovant, Inc. (NASDAQ: IMVT - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday. The company traded as high as $43.89 and last traded at $43.71, with a volume of 1216514 shares. The stock had previously closed at $41.82. Wall Street Analysts Forecast Growth A number of analysts recently

Seeking Alpha·Aug 6, 2026
Immunovant, Inc. (IMVT) Q1 2027 Earnings Call Transcript

Immunovant, Inc. (IMVT) Q1 2027 Earnings Call Transcript

Filtered for Immunovant, Inc.More Headlines
04

Compare before deciding

Benchmark IMVT against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Immunovant, Inc. (IMVT)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
IMVT logoIMVTImmunovant, Inc.Current
$34.54$7.13B-12.47——-64.82%—
ARDX logoARDXArdelyx, Inc.
$3.48$859.66M-13.3822.09%-12.35%-36%—
RCUS logoRCUSArcus Biosciences, Inc.
$26.39$3.32B-8.02-4.26%-386.32%-87.98%—
VKTX logoVKTXViking Therapeutics, Inc.
$41.65$4.86B-13.06——-94.56%—
PRAX logoPRAXPraxis Precision Medicines, Inc.
$282.12$7.87B-20.93-100%—-34.15%—
DAWN logoDAWNDay One Biopharmaceuticals, Inc.
$21.53$2.22B-20.7020.6%-67.85%-23.43%—

Compare IMVT vs Peers

Immunovant, Inc. (IMVT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ARDX

Most directly comparable listed peer for IMVT.

Scale Benchmark

vs JNJ

Larger-name benchmark to compare IMVT against a more recognizable public peer.

Peer Set

Compare Top 5

vs ARDX, RCUS, VKTX, PRAX

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

IMVT SEC Filings & Documents

Immunovant, Inc. (IMVT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 6, 2026·SEC

Material company update

May 20, 2026·SEC

Material company update

Feb 6, 2026·SEC

10-K Annual Reports

3
FY 2026

May 20, 2026·SEC

FY 2025

May 29, 2025·SEC

FY 2024

May 29, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 6, 2026·SEC

FY 2026

Feb 6, 2026·SEC

FY 2025

Nov 10, 2025·SEC

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IMVT Frequently Asked Questions

Immunovant, Inc. (IMVT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Immunovant, Inc.'s revenue?

Immunovant, Inc. (IMVT) reported $7.1M in revenue for fiscal year 2026.

Is IMVT profitable?

Immunovant, Inc. (IMVT) reported a net loss of $538.2M for fiscal year 2026.

Dividend & Returns
What is IMVT's return on equity?

Immunovant, Inc. (IMVT) has a return on equity (ROE) of -64.8%. Negative ROE indicates the company is unprofitable.

What is Immunovant, Inc.'s free cash flow?

Immunovant, Inc. (IMVT) had negative free cash flow of $414.3M in fiscal year 2026, likely due to heavy capital investments.

What if you invested $1,000 in IMVT back in 2018?

Total return calculator · dividends reinvested · 8+ years of data

See returns →